Want to retire in 2013?
Consider a reverse mortgage...
Consider a reverse mortgage...
Many Boomers are looking to
retire but not sure how they can afford it. While savings and retirement
plans may have gone down in the past decade there are still options
that will allow you to retire in 2013. Many retirees have bought their
home years ago and have been faithfully paying ever since. Whether your
home is paid off in full or your balance is low, this home loan can turn
your asset into a source of income. Speak with a mortgage banker to
learn how HECM loans can help you achieve your finance goals.
Reverse Mortgage Information
• Age matters. The minimum age to qualify for a reverse mortgage is 62. This can be three to five years prior to you qualifying for full social security benefits. A reverse mortgage can carry you through those crucial years.
• Age matters. The minimum age to qualify for a reverse mortgage is 62. This can be three to five years prior to you qualifying for full social security benefits. A reverse mortgage can carry you through those crucial years.
• Income. You don't need any!
Traditional refinances require you to have an income source in order to
make monthly payments. For example if you wanted to take out $100,000
from the equity of your home and use the funds to make payments - you
would not qualify unless you had an income source. You do not need an
income to qualify for a reverse mortgage, making it the ideal loan for
retired seniors.
• Value. The current value of
your home will determine how much you qualify for. Each mortgage program
will have different loan to value requirements so speak with a mortgage
banker to discuss your options.
• Interest rate.
HECM loans can be structured a variety of ways. A borrower can select a
fixed mortgage rate or a variable mortgage rate. Adjustable rates are
typically tied to LIBOR. Your mortgage lender will go over the mortgage
programs and interest rates with you to determine which option is right
for your needs.
• Stay in your home. A reverse
mortgage allows you to stay in the home you love. Instead of that home
being a financial burden it becomes a source of revenue. You stay
comfortable and make money.
• Pay checks. Having a
reverse mortgage is like having a job that sends you a steady pay
check. The checks come at set intervals in dollar amounts you can count
on. The only difference is you are retired so you get paid for spending
time with your family or walking on the golf course.
• Current loan.
Any existing loan on your home will be refinanced into an Home Equity
Conversion Mortgage. You will only have one mortgage lender, making it
even easier.
• Customized plans. An experienced
reversed mortgage lender will customize a loan to fit your financial
needs. There are many options to choose from including rate structure,
payout schedule and the amount of loan you need. It is essential that
you work with a mortgage banker that regularly completes reverse
mortgages to ensure you receive the best guidance and advice.
Retiring
in 2013 is within your reach. Contact a mortgage banker to discuss HECM
loans and learn how your home can turn into an income source. An
experienced reverse mortgage lender will work closely with you to create
a financial plan that puts you in a position to retire comfortably.
